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China crisis hits Nissan profits
President and Chief Executive Officer of Nissan Motor Co. Carlos Ghosn
NISSAN has slashed its full-year profits forecast by 20 per cent after the Japanese car industry was hit by a diplomatic row with China.
Chinese consumers have staged an informal boycott of Japanese products in the wake of the political row over a group of islands in the East China Sea, which is controlled by Tokyo but claimed by Beijing.
Nissan said quarterly profit rose nearly eight per cent, but it was lowering its profit and sales forecasts for the year to the end of April 2013 because of a sales slump in China and weakness in Europe.
The Yokohama-based manufacturer said its vehicle sales grew in the US, Indonesia and India for the July-September quarter compared with the previous year.
In the first half of the year, Nissan sold 2.476million vehicles worldwide, up 11.3 per cent compared with the same period last year.
“Nissan has achieved positive results in a challenging operating environment impacted by the continued appreciation of the Yen and particularly difficult economic conditions in Europe,” said president and CEO Carlos Ghosn.
“Despite these near-term challenges, Nissan has responded decisively and remains on course to deliver profitable growth in its full-year performance.”
Mr Ghosn warned last week that a drawn-out diplomatic row could slow the company’s expansion into China.
Twitter: @sunechobiz
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Monday 20 May 2013
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